janet yellen: so, yes. margin, i think that was something that concerned people about pushing asset purchases a lot further. it was a worry that they had. paul krugman: so in effect we are saying that the people who hold ben bernanke over the coals , saying he was debasing , the open letter from a bunch of economists warning against -- all of this did somewhat color. janet yellen: but not much. i've given you an example of concern that perhaps at the margin made a difference, but i would say on balance, we push to do almost everything that we could think of in order to try to stimulate the economic growth and reduce unemployment. that was the overwhelming consideration. maybe in qe there were also people who felt it might have adverse impacts on market function. there was internal opposition to doing more on qe. did -- we also used the tool of forward guidance, which, we talked about purchasing assets. another factor that impacts long-term rates is the public's expectations about the path of short-term rate

janet yellen: yeah. i mean, i think the financial markets were beginning to stabilize at that point. and i think the stress test, i don't quite recall, but i think april, you know, i think the decision to conduct stress tests of the major banking organizations to assess where they stood in terms of capital, and to force those institutions to inject capital if they didn't have enough, was a real turning point for the financial system. it stabilized people. they were terrified that the major banks were undercapitalized, and no one had ever done anything like the type of stress test that we did. that was a 24-7, a remarkable exercise that required involvement in hundreds and hundreds of people throughout the federal reserve system, to conduct those tests. they clearly had to be credible. i think they were credible. there was a commitment that we would force the firms to go out and issue stock and raise capital. if they couldn't do so, the government would inject capital. and many of the firms, the governmen

yellen sees in the financial markets. we will have that on c-span. this very government under which we live was created in the spirit of compromise and mutual concession. >> thomas jefferson questioned the need for a senate. >> the founders envisioned -- >> the framers believed -- >> let's follow the constitution. >> the framers envisioned the senate as a check on the house. >> the fate of this country and maybe the world lies in the hands of congress and the united states. >> the senate, conflict and compromise. a c-span original production exploring the history, traditions, and role of this uniquely american institution. >> please raise your right hand. >> wednesday, january 2, at 8:00 p.m. eastern and pacific on c-span. the 116th congress starts in january. between the house and senate, nearly 100 members of congress are retiring. we have been speaking to a number of them before they step down. over the next hour and a half we will show you our conversations with south carolina representative mark sanford, missouri senator claire mccaskill, and ca

yellen? >> janet is absolutely fine. >> as for me, since i have a degree from germany, i'm professor doctor doctor. >> how about paul? >> that will do. okay. let me just start with, there's so much to talk but but i want -- so you are in the middle with taking decisions and in the midst of this, that the worst economic crisis since the '30s. and so first question is, did you have any inkling in advance that something like this might happen and when it did hit, did you have a sense that you kind of knew what was going on? >> well, i saw pieces of it that gave me an inkling, so there were things i was concerned about. from 2004 to 2010, so i'm thinking of 2007 and 2008 as the -- but particularly 2008 is height of the crisis. so i became president and ceo of the federal reserve bank of san francisco in 2004. my very first briefing i got from the group that was involved in banking supervision, they were very concerned about cre, commercial real estate lending, and in the banks they supervi d supe

and trump made the choice to not reappoint janet yellen. he thought she was too short. she's 5'3", and therefore he wanted someone taller. that's what the "washington post" reported. if he wanted someone who wasn't going to raise rates he could have stuck with janet yellen, but he didn't. >> it's one of the most insane and delicious ironies in this era, the first woman to ever run, who did an incredibly good job, i think, by and large, who actually sympathetic to the inclination trump has gets canned because she's "too short" replaced with a guy, who, john, trump is now railing against in public, to play the obama had done game, the kind of like bright line towards dictatorship conservatives tend to freak out about. >> reportedly he's telling people that powell is going to turn him into a herbert hoover. that's how concerned he is about the economy, which seems a little overheated to me. but it would be kind of ironic if he was hoisted by his own patard of sexism, firing the praised federal reserve chairman for not being tall enough. maybe there's some binders on high s

shorter he was six foot seven and then every subsequent fed chairman has been shorter with janet yellen clocking in at something like five point six why is this important let's talk to stacy herbert well jerome powell is the chairman of the federal reserve bank of america and he did raise interest rates by twenty five basis points this week despite all the tweets badgering him from donald trump the president of the united states who is telling him he's going to sink the economy of course that is s. and p. five hundred has had the worst basically the worst december since one nine hundred thirty one since the great depression and everybody's quite upset the power put is much further out of the money than it was under previous fed chair's that's what hurt psychology miller table back the investment firm in new york says how will traders possibly survive as the euro heads right getting back to my discussion about the height of chairman during that time starting with volcker when interest rates are the short term rates for the high teens approaching twenty percent when reagan was president t

shorter he was six foot seven and then every subsequent fed chairman has been shorter with janet yellen clocking in at something like five point six why is this important let's talk to stacy herbert well jerome powell is the chairman of the federal reserve bank of america and he did raise interest rates by twenty five basis points this week despite all the tweets badgering him from donald trump the president of the united states who is telling him he's going to sink the economy of course that is s. and p. five hundred has had the worst basically the worst december since one nine hundred thirty one since the great depression and everybody's quite upset the power put is much further out of the money than it was under previous fed chair's that's what hurt psychology miller table back the investment firm in new york says how will traders possibly survive as the euro heads right getting back to my discussion about the height of chairman so during that time starting with volcker when interest rates the short term rates for the high teens approaching twenty percent when reagan was president th

janet yellen was a great fed chair. she always kept interest rates low for a reason. she was concerned about jobs and the economy. he takes her off there because he says she doesn't look the part. >> she's too short. >> i get very upset, under 5'0" here. because she's short. he takes her off. he puts this guy in, i don't know him, and then he rips the guy to shreds, which is unheard of. it is unethical. it has never been done. and i'll tell you, wall street, where i worked a thousand years ago, wall street, the thing they hate the most is this kind of chaos, this up and down and down and up. and, you know, hey, a thousand points up, that's great, is it going to go down a thousand points tomorrow? this is not good for the country. so i think the last point i'd make about donald trump is he does look at his approval ratings. they are not good. and when nancy pelosi gets in there and the democrats act like grown ups, and i'll tell you, mitch is going to be in a tough spot. let them pass it, let them send the reopening of the government. it could be short term, to the pre

but it makes me wonder, what ever happened to yellen. ellen with ian mckellen, enjoying honey dew melon. i will say she is one of many short people that have been short-shrifted through people. >> anthony scaramucci, barny ffe, sean spicer, trolls, martin short, anyone who lost to willie schumacher, rita pearlman, tom cruise, corgies that don't belong the queen, brainy smrf. beethoven, continue kel tinker f course, greg gutfeld. [ cheering and applause ] greg: tyrus -- >> i don't have a dog in this race. greg: that's my point. you don't care. there are no civil rights movements for the height challenged. >> we would have to set the bar too low. greg: greg: ba-boom. >> i'm no not small minded. every one of those people had a job and were successful. greg: except for tinker bell. >> what are you talking about. greg: she's not real. >> what? >> you don't know that. greg: that's true. >> she got to fly. greg: that's true. >> she made everybody happy. she sprinkled dust on you. greg: she ruined disneyland. we'll goat that later. >> i think yo

percent when reagan was president they've gone down every single year really culminating in janet yellen now this new fed chairman powell is in place and he's saying that we're going to go back to well he describes it as getting rid of the put that the federal reserve bank under greenspan or bernanke or janet yellen they were constantly bailing out markets by making rates cheaper apparently powell is saying that he's not going to go in don't truck with that he's not down with that everybody was admonished him about raising raise the problem is that stock markets have been selling off we've seen the worst stock market sell off since one thousand thirty one for december. and people were expecting otherwise the opinion stock investors you have now been warning for the last time basically you can't taper a ponzi this headline reads with a record ninety percent of asset class is down for the year and almost half of the s. and p. five hundred index components and a bear markets hopes are first santa claus rally to save what's left of a terrible investment year and while markets may still see s

are the beaten down banks poised for a turnaround as well and yellen's warning >> we could have another financial crisis >> we're debating how much damage debt can really do. it's noon eastern, tuesday, december 11th. "the halftime report" starts right now. >>> good to have you with us on this tuesday here to debate and trade the biggest stories, josh brown, jon and pete najarian. ubs private wealth management and one of forbes top 100 financial advisers marc lasry is with us as well. the avenue capital chairman and ceo. good to have you with us nice to see you again. also with us from "boston today" is the portfolio manager at eaton vance. let's begin where we always do, the markets. stocks have risen. is a bottom finally forming? that answer might lie with apple, which stage that had big comeback for the ages monday during this show >> this could be a meaningful point in the stock right now >> it's not often that you see apple shares move $6 in a session. >> it went up because we all felt it was overdone i have to tell you josh started it by talking about a technical situation. we all

yellen referenced that in her comments the other day.re's political pushback you're reducing the balance sheet, trying to raise rates sensibly, gradually, as painlessly as possible i would like to see us get to three plus, get the balance sheet down you have those two tools the question is the following. is that sufficient what else can you do those are the orthodoxed tools that have now been established you want to have them. i think the fed is headed in that direction. >> mostly money managers who said that of a reduction in the balance sheet roll-off rate would be a sign that the fed really gets it how likely is that >> reduction of the balance sheet? i'm sorry, i missed the question. >> in the roll-off in the pace of the roll-off. >> right the pace of the roll-off, theoretically is 600 billion a year, 240 billion in mortga mortgage-backed securities, 360 billion in treasuries. mortgage backs are a very difficult thing given the amoritization. the full run rate started in october and by next october, we should see another 600 billion

former federal reserve chair janet yellen told a new york audience last week that she worried about another financial crisis while talking about some of the lessons learned from 2008. she also spoke about the likelihood of interest rates rising and other topic

yellen, has been widely lauded her for predictive accuracy.

we'll hear n c-span from former federal reserve janet yellen. followed by u.s. strategy in the iddle east and then former f.b.i. director jamesey

. >> tonight on c-span, former federal reserve chair janet yellen in conversation with new york times columnist paul krugman, talks about the financial crisis, the role of the federal reserve and current risks in the financial markets. >> i think things have improved but then i think there are gigantic holes in the system. the tools that are available to deal with emerging problems are not great in the united states. take leverage lending, which i talked about. i don't think the banking agencies have sufficient tools. we can deal with that if it is a safety and soundness problem for a bank but if it is a question of selling risky things into the market that can undermine financial stability we don't have a set of tools to deal with that. we're also seeing a lot of pushback against regulation and to some extent, look, after eight years of writing thousands of pages of regulation, it probably should be adjusted around the margins rg particularly smaller institutions. but we're seeing more than that happen now and we are entering again really only a decade after the crisis when there is

[applause] do you >> tonight at eight eastern, former federal reserve chair fed janeteral reserve yellen -- here are some of her remarks. >> i think things have improved, but there are gigantic holes in the system. -- take leverage lending, which i talked about. i don't think the banking agencies have sufficient tools. we can deal that with a safety -- soundness program soundness problem. if it's a question of selling risky things to the market that can undermine financial stability, we don't have a set of tools to deal with that. to some extent, eight years of writing thousands of pages of regulation. it should be around the margins, particularly in smaller institutions. we are entering again only a death -- only a decade after the crisis, an error where there is a huge focus on deregulation. plus it was an agenda of unfinished work. we made some progress, there was . big to do list and then there is regulatory push back. >> janet yellen is now professor of at the university of california berkeley. as they talk about the 2008 financial crisis. the role of the federal reserve, and curren

what did you read into that janet yellen said? >> i agree.inancial crisis or even a recession at this stage. she was expressing caution because what we've seen from the trump administration is a desire to roll back regulations and the congress has implemented some of the rollback through some weakening of dodd/frank. on the other hand, j. powell, her former colleague on the fed, is somebody who has tempered and practical views about regulation. he's not ideologically opposed to wall street regulation. i think she was hedging against what might happen in the future but not in full five-alarm mode. >> progress being made in the united states' discussion with china on auto tariffs in particular. what's your sense of it? >> well, i think we're going to see from the administration a desire to do what it can to temper some of the volatility in financial markets. so the president who grades himself on how the stock market is doing, if he sees the market go down, we're more likely to hear from steve mnuchin or larry kudlow or see a tweet from the pre

. >>> the former chair of the federal reserve, janet yellen, told a new york audience she fears there could be another financial crisis because of limited tools to address panics and because of current deregulation efforts. her conversation with "new york times" columnist paul krugman was hosted by the city university of new york. this is an hour and ten minutes. >> tonight we'll be treated to a wide-rangiing conversation, questions paul krugman will pose to janet yellen. we'll have an opportunity to learn in detail about the recent economic crisis from someone who had a front-row seat. we'll hear about what catalyzed it, how it was managed, how the recovery unfolded, and more. our special guest, dr. yellen, has been widely lauded for her predictive accuracy, so if we're fortunate, she'll tell us what the future holds. [ laughter ] a

yellen talksjanet crisishe 2008 financial monday night at 8:00 eastern on c-span. senatorsday, florida bill nelson addressed his -- he will be leaving in january after serving three terms. objection. mr. nelson: madam president, this is my farewell speech, and i thought it would do well to think back to the very first speech that i gave on the floor, my maiden speech. my maiden speech was about a couple of months after first time being sworn in. i had waited back then -- this is 18 years ago. it was

|j wonder what janet yellen is thinking, she's at home watching closely at imagine, i wonder what thinkingt city am, eu olive branch is as city fears, what is the olive branch? the eu's response to regulation the bank of england has already implemented a few months ago for the case of a no—deal brexit scenario. the regulations saying that the current regulation, which means london based banks can trade in the eu will continue for a certain amount of time, about 12 months. business as usualfor a period of time. time, about 12 months. business as usual for a period of time. only a period of time, that is important, this is something the european commission hasn't aimed for, they would have wanted to settle this, not with a no deal contingency plan, but with something real in the settlement, concerns about... that trillions of derivatives contracts could be moved in a very short amount of time, and have now been found to be unfounded. but, as you said, it is something which is only covering a certain amount of time, and it might be that, well, in a couple of months from now, it might be the s

i kept asking as i listen to him, where is janet yelling when we need her -- janet yellen when we need her? >> the over brief. all of the numbers he had in economic protections and everything was prepared for him to deliver the right message but he somehow flubbed it.and went to the old janet yellen message. >> and he got to more detailed questions later in the press conference. he was certainly prepared and but then it was just, he clearly kept going back to the word normalization.and not fully explain what that meant. and i think that is where he really missed on the messaging. lou: i think both of you think this is about the messenger. and who could have used you know, something more in the way of training. but i am afraid it is the message. the messages that in the face of weakening signals from nearly every quarter of the economy, certainly lower prices. $4 trillion escape the equities market over the course of this tumble. and suddenly, suddenly we are supposed to righteously accept that more constriction is the perfect answer for declining prices. bill, what do you think? i mean

plus, the big warning from former fed chair janet yellen. she says another financial crisis might be brewing. and super investor marc lasry is with us today all at noon. we're about ten away we'll see you in a few >> let's get to the cme group and rick santelli. >> reporter: thank you, carl before i get into the exchange i would like to throw up a chart starting last week for ten-year note deals the ten-year note yields as you look at that chart have been stopping in the low 280s good support there we want to pay close attention how quickly it may get down there. it's unchanged at 285 or 286 if you could put a dot, a closing only chart if you're an equity trader instead of the open high/low close, i think most people would probably be happier. they would be able to adhere to their strategy better. why? volatility is a tough thing to deal with. when volatility picks up we'll hear stories and that's a good thing. i would question at this point this industry is one of the more adaptive industries and it i adapted. it's turned into pretty much m

but he somehow flubbed it and went back too the old yellen message. >> and when he got into the detailed questions later in the press conference, you know, he was certainly prepared and understood. but again he clearly kept going back to the word normalization and not fully explaining what that meant. and i think that's where he missed on the messaging. lou: i take it that both of you think this is about the messenger who got have used, you know, something more in the way of training. but i'm afraid it's the message. the message is that in the face of weakening signals from nearly every quarter of the economy and certainly lower prices -- we've watched $4 trillion escape the equities market over the course of the tumult. and suddenly we're supposed to righteously accept that more constriction is the perfect answer for declining prices. bill, what do you think? i mean this looks to me like the odds are far more in favor of disinflation than anything approaching inflation. >> salut absolutely. and the statement issued set him up for that. normally they change one or two words. but this tim

in fed, we trusted we trusted in ben bernanke, janet yellen, mario draghi, we trusted that they woulds come to the rescue but there comes a point where enough is enough and chairman powell is catching a lot of flack and it always ends up being politicized, all intense issues in the age we live in end up central stage for political discussion, but the reality is that i think the current chairman ought to be given a much bigger chance to prove himself because somebody needs once and for all to let the bernanke, yellen put expire. we have to break that pavilion loafian conditioning that if the markets get wild, the fed will come to the rescue i think he's doing a good job. remember, he's not saying that he's going to go on a blind tightening campaign. at some point, real time will reveil morgan, back to you. >> the other four letter word, data thank you, rick santelli >>> when we come back, possible faceoff in the works at facebook >>> and some of today's laggards on the nasdaq 100. netease, idexx, all weighing on the index. resqwkll" ter this break. this isn't just any moving day. this

janet yellen had learned her lesson is fed chair.f the reasons that they should have been a superior choice to jerome powell. but now he is hopefully learned his. we will find out over the next two days. because in the fed open market committee meeting, they're going to decide the direction, they are supposed to raise rates again because jerome powell pounding his chest saying he is a fed chairman, it is independent and the president was wrong about rates. the president was right, right and right. and he was right from the beginning. >> is incredible. the president even did a better job forecasting makes the most wall street economists! lou: he knows more.he is a businessman who's built a fortune and preserved it. >> that is correct. and what made it happen, if we have a rate hike on wednesday, i don't think it is certain anymore. they may just hold off. lou: is there any doubt in your mind that the fed doesn't understand now, empirically, looking at these markets, looking at the yields, do you look at the 10 year, the two year, five

fed, contrary to what kudlow was saying, is following yellen and bernanke policy, smooth as she goes.ll continue to have a rate hike in december, the question is 2019. it looks like you are late in the cycle, u.s. growth is starting to slow, you have wage growth to slow pressure on prices, if you look at exports they are down substantially. you take a number of those factors in the outlook is lower growth. the market has two things on its mind, recession, and also the impact of the trade war. that is looming large, because if the two biggest economies of the world enter into a major trade war --that affects global growth. >> jpmorgan think that the latest selloff really over prices some of the risks. shortlyget into that and we will talk about opec and their big move to pull 1% of global oil from the market. plus, our interview with the russian energy minister's later this hour. but first, the odds are heavily stacked against theresa may's brexit deal heading into the vote on tuesday. we will discuss that, and what it means for key assets. this is bloomberg. ♪ ♪ >> we are live on bloo

i have asked both chair yellen and chairman powell, hey, are you telling me that if we start headingthat you're not going to change the balance sheet, and they have said twice now at least, i don't know, it's one of those things where powell somehow is not controlling expectations i get what you're saying and that's a different discussion as to whether or not they ought to be amending it, but the idea there was an expectation out there that they maybe suggests to me the fed is not doing a good job of controlling expectations. >> i doubt anyone expected them to actually say now we know when the end and the end is near. just simply give a nod to the fact that you are following financial conditions closely for signs of stress that the balance sheet may cause to guide you on its ultimate size. that's not changing the plan >> are these rookie mistakes i know jay powell is a super experienced and intelligent guy but i think he's learning the hard way that you need to telegraph all of this stuff down to the word about what you are going to do. >> jay powell has tried to be somewhat of a dif

yellen expressed her concerns about corporate debt listen to this >> corporate indebtedness is now quite danger that if there is something else that causes a downturn that high levels of corporate leverage could prolong the downturn and lead to lots of bankruptcies in the nonfinancial corporate sector >> yellen is the latest in a string of people warning about debt levels. here is brian from first trust advisers i'll start with you. do you think it is a warning we need to heed a little more carefully? what do you think about the levels of corporate debt >> i think right now the other part that she mentioned is we are not over leveraged yet yes. it needs to be ton the radar you need to pay attention to lending standards and whether or not we get into an overleveraged situation. you'll start seeing it with high yield debt first where credit spreads are pretty good. they are not great you'll start seeing it in the small cap sector >> is she on this? >> yeah. the former fed chair who in june of 2017 which is a year and a half ago said she didn't think we would see another financial crisis in

it's simple math >> speaking of debt, do you share some of former chair yellen's concerns about corporate debt that we have? >> they're working hard to take advantage of the current environment and to wrap in as much as they can before debts go higher >> we've raised the point before about maybe the reason you haven't seen as much capex into the economy as the administration had hoped and planned for is the cfos know the goal posts on rates are moving and they're paying down debt rather than building a new plant or doing what they would do with that money >> you can do both the emphasis is paying off your debt to the extent possible. look at the spreads. it doesn't look attractive they're working very hard to get that done. it's not clear capex is properly measured i don't place a lot of reliance. >> you say you share some of yellen's concerns. to what degree do you? are you worried about bankruptcies that are undoubtedly going to go higher >> we have the economy when i was at the table we're giving ritalin to the markets, take the anxiety away, create a one-way street we're trying now, t

yellen talks crisishe 2008 financial monday night at 8:00 eastern on c-span. senatorsday, florida bill nelson addressed his -- he will be leaving in january after serving three terms. objection. mr. nelson: madam president, this is my farewell speech, and i thought it would do well to think back to the very first speech that i gave on the floor, my maiden speech. my maiden speech was about a couple of months after first time being sworn in. i had waited back then -- this is 18 years ago. it was appropriate for freshman senators to wait a while. don't speak up right away. so i waited two or three months until it felt like it was the appropriate time. and i remember there was nobody out here. it was an empty chamber, and in the course of this speech -- and i picked the topic of the day. i think we were trying to balance the budget at the time, something that 18 years later we're still trying to do. and then in the course of the speech, i mentioned that it was my maiden speech. nobody out here except the presiding officer. all of a sudden those doors swing open r

risk janet yellen season the financial markets. we will have been on c-span. ontinues. host: amid the holiday shopping frenzy, discussion about the state of small business in america. guest, former head of u.s. small business administration currently working with bipartisan policy center mainstream finance task force. we will be to some of the task force work but right now, what is the definition of a small business in this country? how is it somebody called a small business according to the federal government? >> it's delightful to see you and i always love to talk about small business. this is actually a really interesting question. what is small? the numbernition of of federal agencies, small business is anybody with fewer than 500 employees. now, that's the general definition but if you want contracting, every single industry has a different definition because if you have a manufacturing company with 100 people, that's small. but if you have an accounting company, that could be big. the other thing is, small business comes in all kinds of shapes and sizes like out o